Bow Wow was supposed to drop his new album 'Underrated' on Dec. 6, but as we previously reported, he suddenly pushed the album back without notice. The 'Sweat' rapper posted an online letter to his fans explaining the postponement, as well as addressed a recent TMZ report that he owes taxes to the IRS.

In the message titled "Underrated Album 'Whats The Hold Up'," the 24-year-old emcee said that he had to delay the album due to his hectic schedule, which includes fatherhood and his work as the lead actor of an Ice Cube-produced sitcom. However, he insists that the album is well worth the wait. "I bare it all on this album," Bow Wow writes. "This is my “Classic.” 'Underrated' is a classic. This is my best work. So i be damn i put it out and it aint right."

He also denies that he's in debt, despite TMZ reporting that he owes the IRS $91,000 in back taxes from 2006. "TMZ saying they are about to run a story on me thats once again "Not True" as im sitting in my beautiful condo as of RIGHT NOW that they said i dont have anymore," he says. "We all know not to believe anything the media writes or blogs its their job to entertain the minds of the simple minded."

Bow Wow does plan to release a video for 'Sweat,' his kick-off single from the set, which he says is coming in two weeks. He also advises his fans to avoid the gossip blogs. "Its bad for your health," he writes.

If you want to read his entire letter, click here.